¶ … Juniors of my old high school,
It has been a great pleasure to receive your letter and notice such a keen interest in economics and politics at your early age. The fact that you are already following the evolution of the presidential race and that you are asking questions about it show a great desire to learn and find out new things. I will be more than happy to share some economics pointers with you that, hopefully, will be able to fully answer some of your dilemmas.
You have clearly notice what the economic trends are for the two candidates. Indeed, Republicans, and George W. Bush is no exception in this sense, have always boasted the importance of the individual and of non-governmental intervention in the market. On the other hand, the Democrats believed that not only could the government regulate some of the less efficient economic processes on the market, but it could always intervene in things like education or health care and increase these respective branches' budgets.
The discussion on governmental intervention goes back to the time of the economist Adam Smith. His economic theory sustained the fact that there is an "invisible hand" that regulates macroeconomic and microeconomic processes. In this sense, he argued that governmental intervention was futile, because the market had its own self- regulative mechanism that allowed it to keep the most efficient economic processes and eliminate those that were not.
After the Depression, however, many economists, influenced by John Maynard Keynes, asserted that the Depression was the best example that the market could not self-regulate and that for this the government needed to intervene.
In my opinion, we need to look at the public best interest and decide how each of the two systems and methods of seeing the issue works in the public's interest.
The former president, Bill Clinton, was the person who best summarized, in my opinion, the public's best interest. The public simply wants to live well. The higher the number of people that have a high standard of living, the more successful we will say a presidency mandate was. This was probably one of the reasons why, despite the tumultuous private life, Bill Clinton was successfully re-elected for a second mandate and why his presidency is associated with the period of highest economic boost in the American history.
In economics, it is generally believed that the highest standard of living is reached when the economic processes functioning in an economy are efficient. Efficiency, in general, is associated with the best allocation of resources. We have several efficiency models, including the Kaldor- Hicks efficiency or the X-efficiency, but perhaps the best applied in our case and easiest to understand are the Paretto efficiency and the allocative efficiency.
According to the latter, efficiency is "the market condition whereby resources are allocated in a way that maximizes the net benefit attained through their use."
As such, the idea is that, either by governmental regulation and intervention or by its own forces, the market should function in such a way that it will maximize the efficiency of the way the resources are allocated, to a degree that they will be used to the highest level of possible net benefit and a higher number of people will benefit from them.
Having discussed efficiency in terms of best
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